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February 2018

BDeFi Invites Government Partnerships to Create a Singular and Global Stablecoin Platform with Integrated KYC

by
BDeFi

BDeFi

(November 30, 2019) – When it comes to onboarding new customers, whether by banks, financial institutions, or crypto exchanges, there is currently no one global KYC system or platform, leading to a very costly and chaotic situation. One venture, BDeFi, is working to revolutionize the global KYC system with a stablecoin-based blockchain platform.

A recent global survey of crypto exchanges found that nearly 70% of these did not have a ‘complete and transparent’ KYC procedure, and only 26 percent could ensure high anti-AML procedures. The global KYC costs are around $500 million, and onboarding new clients can take up 1.5 days/week of over half of the banking sales departments. The inability to control money laundering causes between $800bn and $2trn, or 2–5% of global GDP losses.

On the BDeFi platform, customers will be able to use stablecoins set up as tokens on the BDT blockchain. The stablecoins can be sent only if the user is KYC compliant, thus making the platform free from money laundering. The stablecoins can be exchanged with other stablecoins on the BDT’s decentralized exchange at very low fees and with KYC protection.

BDeFi will be an ideal solution, especially for crypto exchanges, which will be able to outsource the entire cumbersome KYC process. All information will be securely stored on the blockchain. Thus, crypto exchanges can avoid the hassle of internal KYC. All the user has to do is give them access to their KYC details with the transfer of BDT coins to the exchange wallet.

With BDeFi, customers will have complete control over their transactions without any third party, their own exchange and their own stablecoin to use over the network. As an end-to-end, complete financial system, BDeFi will partner with governments and private organizations to create a singular, global KYC platform,” says Tobias Graf of Bitdepositary.

Tobias points out that currently, governments have little control over crypto transactions and networks worldwide. This has led to a high incidence of money laundering, hacking, and identity-related issues. There is no global standard or singular platform for completing KYC norms, and thus customers and companies end up wasting a lot of time and effort doing redundant work. A change in regulations further makes the process costly and challenging.

BDeFi aims to bring about government control through country- and area-specific access to KYC. On the network, there will be no transactions allowed without an active KYC, thus eliminating money laundering. The Stablecoin will be 100% backed through bank account connection.

Initially, we plan to target the existing 25 million users and crypto followers globally. There are also the 3,756.14m E-Payment users worldwide,” says Tobias.

With BDeFi, governments can get a partner to regulate the crypto business, who will act as a singular and global KYC partner. The KYC procedures will be cheaper, and no risk of data theft either.  BDeFi aims to herald a safe, transparent, and easy-to-use financial system across the world.

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Ripple (XRP) Gains After Bank of America Includes Ripple Ledger

by
Ripple

Ripple

Ripple (XRP) has turned bullish as the number of banks leveraging its decentralized network for cross border payments continues to rise. Reports that Bank of America has filed a patent for a settlement system citing Ripple ledger is one of the catalysts fuelling XRP price action right now.

Ripple Price Catalysts

The patent describes a system that utilizes a distributed ledger technology to facilitate interbank communication. With the proposed system, BAC seeks to enable real-time settlements through a decentralized ledger.

The filing of the patent is of great importance as it comes at a time when lawmakers in the US have raised concerns that cryptocurrencies pose a danger to national security. However, most of them seem to agree that Ripple is a necessary tool for enabling cross border payments.

The stance has gone a long way in strengthening Ripple sentiments in the market, consequently fuelling price spike. Ripple adoption involving banks is a development that has continued to prop XRP sentiments in the market.

For instance, the crypto received a boost after Sentbe of South Korea and MoneyGram announced a partnership to leverage the Ripple ledger. In June, Thailand’s largest bank tweeted plans to launch an XRP system.

While issues of centralization have cropped up with the involvement of banks, XRP’s popularity has continued to inch higher. Some market participants are of the opinion that it could be a matter of time before XRP becomes more valuable than Bitcoin.

>> Bitcoin (BTC) is Back in Momentum: Is $12K on the Way?

XRP Price Analysis

XRP price has in recent trading sessions taken out the $0.32 level comfortably, consequently starting an upward move against the dollar. A new intraday high of $0.3310 all but underscores the bullish momentum, with support now seen at the $0.305 level.

With bulls consistently winning against the bears, there is a higher chance that Ripple will continue to edge higher on pullbacks, as has been the case for the better part of the year.  The fact that the broader cryptocurrency sector has turned bullish after a wild 2018 is another development likely to continue supporting XRP price action.

Featured image: DepositPhotos © akulamatiau

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Blockchain Commences High-Speed Crypto Exchange The PIT

by
crypto exchange

crypto exchange

When it comes to big markets in which buyers and sellers trade throughout the day, the existence of large exchanges offering ample liquidity is necessary. Over the course of the past few years, plenty of crypto exchanges have been launched all over the world, and nowadays crypto traders have a wealth of choice when it comes to choosing an exchange.

Boost for Crypto Traders

However, there is better news for crypto traders as there is going to be another exchange on the block soon, which aspires to challenge the biggest crypto exchange in the world, Coinbase. The exchange in question is being launched by Blockchain, which has made its name as a cryptocurrency wallet platform and is currently the biggest such platform in the world.

At this point in time, Binance and Coinbase are the world’s most popular and biggest crypto exchanges; however, Blockchain’s new product could be superior, if its CEO is to be believed. The exchange in question is as The PIT, and it has been developed in collaboration with experts who had earlier worked at Goldman Sachs (NYSE:GS), New York Stock Exchange, Google (NASDAQ:GOOGL), and Ameritrade. Hence, it goes without saying that the expertise is there to create a world-class crypto exchange. The Chief Executive Officer of Blockchain, Peter Smith, stated that The PIT can process orders in 40 to 50 microseconds and that makes it faster than other crypto exchanges.

>> Kraken Implements New Funding Options for 5 Fiat Currencies

In addition to that, the head of trading products at the company, Nicole Sherod, further stated the reasons why The PIT could end up being a game-changing crypto exchange. She said that the sort of liquidity on offer in the exchange is going to be much better than other exchanges and that is definitely going to be one of the factors that would lure crypto traders. At the end of the day, crypto is well known for its volatility, and high liquidity could definitely minimize the risks.

What do you think about the upcoming PIT exchange?

Featured image: DepositPhotos © nils.ackermann.gmail.com

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